Sec. 6. Rules governing AO accounts relating to investment, accounting, and reporting

416 words·~2 min read·/bill/118/s/441/is/section-6

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The American Opportunity Fund Board shall invest amounts in the American Opportunity Fund in securities of the United States Government issued as provided in paragraph (2). The Secretary of the Treasury is authorized to issue special interest-bearing obligations of the United States for purchase by the American Opportunity Fund. Obligations issued for the purpose of this paragraph shall have maturities fixed with due regard to the needs of the American Opportunity Fund as determined by the Executive Director, and shall bear interest at a rate equal to the average market yield (computed by the Secretary of the Treasury on the basis of market quotations as of the end of the calendar month next preceding the date of issue of such obligations) on all marketable interest-bearing obligations of the United States then forming a part of the public debt which are not due or callable earlier than 10 years after the end of such calendar month.

Any average market yield computed under clause

(i)which is not a multiple of one-eighth of 1 percent, shall be rounded to the nearest multiple of one-eighth of 1 percent. Under regulations which shall be prescribed by the Executive Director, and subject to the provisions of this title, section 8439(b) of title 5, United States Code (relating to engagement of independent qualified public accountant), shall apply with respect to the American Opportunity Fund and accounts maintained in such Fund in the same manner and to the same extent as such section relates to the Thrift Savings Fund and the accounts maintained in the Thrift Savings Fund. For purposes of paragraph (1), references in such section 8439(b) to an employee, Member, former employee, or former Member shall be deemed references to an account holder of an AO account in the American Opportunity Fund. Except as otherwise authorized by Federal law, the American Opportunity Fund Board, the Executive Director, and any employee of the American Opportunity Fund Board shall not disclose information with respect to the American Opportunity Fund or any account maintained in such Fund. The Executive Director may, subject to such requirements and conditions as he may prescribe by regulations, disclose such information with respect to the AO account of the beneficiary to such person or persons as the beneficiary may designate in a request for or consent to such disclosure, or to any other person at the beneficiary’s request to the extent necessary to comply with a request for information or assistance made by the beneficiary to such other person.